News
Bolivarian Alliance Sets Up Economic Council
The Bolivarian Alliance for the Peoples of Our Americas (ALBA) has taken another step towards cooperation with the setting up of an Economic Council that opens the doors to a common financial zone.
Source
AIN
Date
The Bolivarian Alliance for the Peoples of Our Americas (ALBA) has taken another step towards cooperation with the setting up of an Economic Council that opens the doors to a common financial zone.
The first meeting of this body, underway in Caracas, aims at complying with agreements made in the 6th ALBA Summit to strengthen the institutional nature of the organization made up of nine countries of Latin America and the Caribbean, reported Granma newspaper.
The meeting was summoned to evaluate the situation of member countries amidst the global financial crisis, define the role of the ministerial council for economic complementation and distribute tasks among member countries.
The Caracas meeting will be followed by another one slated for next Sunday in Quito, Ecuador, for the official inauguration of the Politics Commission. Later, on August 21, ALBA’s Social Council will meet in La Paz, Bolivia, as agreed in the 6th Summit.
Rather than a traditional financial zone, ALBA’s economic council proposes the creation of a mechanism that guarantees development on equal and complementary basis to strengthen production capacities of each member country as well as social and political stability among them. According to experts, with this step forward, the region plays a leading role, along with Russia and Asia, in the creation of monetary zones.
In the case of ALBA, the initiative, called Unique System of Regional Compensation (Sucre), consists of the use of a sort of virtual currency (sucre) instead of the US dollar for commercial exchange among member countries.
The first meeting of this body, underway in Caracas, aims at complying with agreements made in the 6th ALBA Summit to strengthen the institutional nature of the organization made up of nine countries of Latin America and the Caribbean, reported Granma newspaper.
The meeting was summoned to evaluate the situation of member countries amidst the global financial crisis, define the role of the ministerial council for economic complementation and distribute tasks among member countries.
The Caracas meeting will be followed by another one slated for next Sunday in Quito, Ecuador, for the official inauguration of the Politics Commission. Later, on August 21, ALBA’s Social Council will meet in La Paz, Bolivia, as agreed in the 6th Summit.
Rather than a traditional financial zone, ALBA’s economic council proposes the creation of a mechanism that guarantees development on equal and complementary basis to strengthen production capacities of each member country as well as social and political stability among them. According to experts, with this step forward, the region plays a leading role, along with Russia and Asia, in the creation of monetary zones.
In the case of ALBA, the initiative, called Unique System of Regional Compensation (Sucre), consists of the use of a sort of virtual currency (sucre) instead of the US dollar for commercial exchange among member countries.